LendLease Group confirmed Jan. 21 that the party it had been negotiating with for the sale of its services business has withdrawn from the process.

The property group made the confirmation in its response to a report in The Australian Financial Review but did not disclose name of the party. In its report, the publication identified John Holland Pty. Ltd. as the party that pulled out of the sale process.

LendLease's services business is expected to fetch between A$200 million and A$300 million, according to the report.

Despite the party's pullout, LendLease maintained that the sale process for its services business still continues and that it will provide an update during its results briefing for the second half of fiscal year 2020.

Further, the group said the A$180 million sale of its engineering business to Acciona Infrastructure Asia Pacific is ongoing as planned.